1st August, 2022

FG approves Lekki Seaport as Customs port and Wharf: The Nigerian Ports Authority has secured approval from President Buhari designating the Lekki seaport as a Customs port and Wharf. This will enable all commercial vessels from across the world to berth and clear cargo at the deep sea port.
Nigeria, Algeria, Niger Sign MoU for $13bn Saharan Gas Pipeline: Algeria, Nigeria and Niger have signed a Memorandum of Understanding (MoU) to build a natural gas pipeline across the Sahara Desert.
FG To Install Three Toll Gates On Lagos-Ibadan Expressway – Fashola: The Nigerian Minister of Works and Housing, Babatunde Fashola, has said the Federal Government is returning tolling to the Lagos-Ibadan Expressway upon completion of the rehabilitation of the highway.
FG Approves N16.82bn for Dualisation of Kano-Katsina Road, Operational Vehicles for NDLEA: The federal government has approved N16.82 billion for the dualisation of the 78 kilometre Kano-Katsina Road project and procured 32 operational vehicles for the National Drug Law Enforcement Agency (NDLEA).
GCR affirms Sterling Bank Plc’s national long and short term issuer ratings: GCR Ratings (“GCR”) has affirmed Sterling Bank Plc’s of BBB(NG) and A3(NG) respectively, with the outlook accorded as Stable.
GCR withdraws WAICA Reinsurance Corporation Plc’s international scale and National scale financial strength rating: GCR Ratings (“GCR”) has withdrawn the International Scale and the Nigerian national scale Financial Strength ratings of B+(WD) and AAA(NG)(WD) respectively on WAICA Reinsurance Corporation Plc, without review. The withdrawal was due to business reasons.
GCR places Globus Bank Limited’s national scale Issuer ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Globus Bank Limited’s long-term and short-term national scale Issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’.
Nigeria’s oil revenue suffers further blow as 180,000 bpd Trans-Niger pipeline runs dry due to oil theft: An oil pipeline which is capable of moving 180,000 barrels of crude every day across Nigeria, has stopped transporting the product since the middle of June as a result of theft.
Crude oil export pushes BOP surplus to $ 2.6 billion in Q1 2022: Nigeria recorded a crude oil export value of $13.52 billion in Q1 2022, a 31% increase from the previous quarter, according to data from the CBN. This is in spite of the decline in oil production counterbalanced by the current rally in oil prices in the global market.
IMF downgrades global growth forecast: The International Monetary Fund has downgraded global growth forecast for the second time in 2022. The global economy is to grow by 3.2%, a 0.4% decline from the IMF’s projection in April 2022. The revision is prompted by historic inflation rates and heightened global uncertainties.
US sets to invest $55 million in Nigeria’s Agric sector: The US ambassador to Nigeria has disclosed commitments of the Biden administration to invest $55 million in Nigeria’s agriculture sector as part of plans to ease global food crisis. The funds to be disbursed through the US Agency for International Development (USAID) is targeted at communities in Nigeria most impacted by higher food, fuel, and fertilizer prices.
CBN Sustains Credit Interventions in Different Sectors of Nigerian Economy: The governor of the Central Bank of Nigeria has revealed that the bank disbursed NGN 221.2bn under various intervention initiatives cutting across sectors between May and June. 4% of disbursements were made to the manufacturing/industries sector, 24% to power-related projects, 21% to agriculture, and 2% to healthcare, according to the apex bank.
Pension assets rise 0.7% to N14.2trn: Total Pension Fund assets of the Contributory Pension Scheme, CPS, increased by 0.71 percent Month-on-Month, MoM, to N14.2 trillion in May 2022 from N14.1 trillion recorded in April 2022.